The notions of organizational identity and image have become the focus of increasing organizational attention, because “both can lend insight onto the character and behavior of organizations and their members” (Gioia et al. 2000,63). At the heart of the idea of organizational identityis the view, defined by Albert and Whetten (1985),that identity is central, enduring and distinctive about an organization’s character. In this paper, we explore the possibility of identity as a dynamic, unstable notion, and how organizational members interpret and revise the constructs of identity regarding the major changes in organizational image.